Fairfax puts its radio stations up for sale
Fairfax Media has confirmed that it is looking to sell its radio stations.
The key assets in the group are market leading Melbourne talk station 3AW and Sydney’s 2UE. Fairfax also owns Perth’s 96FM and 6PR, 4BC and 4BH in Brisbane and Melbourne’s Magic 1278.
The move was predicted in today’s Australian and confirmed in an update to the ASX from Fairfax.
The move is the latest as new CEO Greg Hywood restructures the company.
In the statement today Hywood said: “The decision to consider the divestment of Fairfax Radio has been taken in response to strong expressions of interest by prospective acquirers and as part of our ongoing review of opportunities to maximise shareholder value and the mix of assets we own.”
Fairfax said that if the deal gets done it will take place before the end of the year.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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I Predict Macqaurie Radio Network wil but Faurfax metropolitian & REgional Radio Assets and MacQuarei will shut down 3AW in Melbourne through thy ew successfull and keep MTR 1377 though they are not success nd they will keep 2GB and close down 2UE.
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Jason from Boronia is obviously drinking far too much methylated spirits…
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